Appendix B Accounting Checkpoint Week 2 resubmission for Professor Weldy

Appendix B Accounting Checkpoint Week 2 resubmission for Professor Weldy

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Axia College Material Appendix B Debits and Credits Consider the information presented in PhxKlips™ Debits and Credits. Pay particular attention to the meaning of debits and credits and their effects on accounts. Then follow the instructions below. 1. Write a response to the following questions: In what two ways is the word debit defined in Debits and Credits? A debit is defined as “the left side” of a “T” account A debit is defined as an expense account. In what two ways is the word credit defined in Debits and Credits? A credit is defined as “the right side” of a “T” . account. A credit is defined as the revenue of an account.
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Unformatted text preview: 2. Complete the following matrix. To do so, ask yourself questions, such as: What increases the Asset account, a debit or a credit? What decreases the Asset account, a debit or a credit? What is the normal balance of the Asset account, a debit or a credit? Account Changes Account Categories What increases the account? What decreases the account? What is the normal balance? Assets Debit Credit Debit Liabilities Credit Debit Credit Equity Credit Debit Credit Revenue Credit Debit Credit Gains Credit Debit Credit Expenses Debit Credit Debit Losses Debit Credit Debit XACC 280...
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This note was uploaded on 08/12/2010 for the course XACC/280 AACL taught by Professor Weldy during the Spring '10 term at University of Phoenix.

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